Ex-Pres. Marcos’ Arelma assets are ill-gotten, should be returned to PHL

The Supreme Court has ruled with finality that multimillion-dollar assets deposited by former President Ferdinand Marcos through a Panamanian entity were illegally acquired and should be returned to Philippine coffers.

In a decision penned by Chief Justice Maria Lourdes Sereno, the high court denied the motions for reconsideration filed by Marcos' widow and Ilocos Norte Rep. Imelda Marcos and their son Sen. Ferdinand "Bongbong" Marcos Jr. that sought to overturn the high tribunal's April 25, 2012 ruling on the so-called "Arelma, S. A." assets and properties.

The former President was said to have made an initial deposit of $2 million at Merrill Lynch, allegedly from one of his Swiss dollar accounts. The account was placed in the name of Arelma Inc. 

According to the Presidential Committee on Good Government, the deposit in the Arelma account has since ballooned to almost $40 million as of 2013.

In its original ruling, the high court upheld a Sandiganbayan decision issued April 2, 2009 that forfeited the assets in favor of the Philippine republic. Arelma, S. A. is a Panamanian entity which was formed by the late dictator after he opened a deposit account with Merrill Lynch in New York.

The ruling was promulgated last March 12 but was obtained by the media through the Presidential Commission on Good Government on Tuesday.

"Anti-graft court found that the totality of assets and properties acquired by the Marcos spouses was manifestly and grossly disproportionate to their aggregate salaries as public officials, and that petitioners were unable to overturn the prima facie presumptions of ill-gotten wealth," said the high court in its ruling.

PCGG chairman Andres Bautista welcomed the SC ruling, saying his agency would next ensure these funds would finally get transferred back to Philippines at the "soonest possible time."

"It is gratifying to be able to share this piece of good news with our people. While there [are] frustrating delays and obstacles in the course of our work, the Commission remains steadfast in its commitment to restore what was taken from the public coffers. The Arelma assets were illicitly acquired in grave betrayal of the people's trust and therefore forfeited from the moment of embezzlement," he said. —KG, GMA News